IFRS in India

IFRS in India An IFRS Knowledge Sharing Network for all the Finance Professionals in India. Dear Friend,
Welcome to ‘IFRS in India’ page on Face book. Ravindra Vadali.

Why this page:
As you are aware that IFRS in India started its journey way back in 2007 and now IFRS converged standards or IND AS is on the verge of getting notified in India to be adopted by numerous companies/ entities over the next couple of years. In the recent past, there have been numerous forums, media reports either proposing advent of IFRS or opposing IFRS. This has meant various press r

eleases, media reports, news paper research articles, industry view, government view etc. We at Rhapsody felt that we should make available a forum which shall objectively place the various reports, updates etc on IFRS in a very informal atmosphere. The idea being to reach out to as many professionals and students as possible so that they get a first hand view of what’s happening absolute latest in the ‘IFRS in India’ space and also contribute with comments, articles, links, practical experiences which might be helpful to all of us. What this page shall comprise:
This page shall comprise, with respect to IFRS/ IND AS:
- Recent news – news papers
- Regulatory news
- Latest interviews/ videos
- Important links
- Announcements
- Technical updates for both IFRS and IND AS
- Articles, Comments and views by various people hooked to this forum
Philosophy for the page/forum/initiative:
Over the last couple of months there has been a virtual see saw between various factions of the business world, industry forums, regulators and people from the profession on why and how IFRS should be adopted or implemented in India. We felt that there is a need to launch a forum which shall have all the latest on this matter objectively. The attempt is not to have biases or a particular point of view but to present the various voices, thin tanks and experts view and allow the reader to analyse and judge for herself/himself. How this initiative will work:
We shall initially send out invites on face book on the ‘IFRS in India’ page as well as outside face book’s on e-mail to the data base already existing with Rhapsody by virtue of existing for almost 2 years now. For accessing these forums you may visit/ log on to:
For Face book users: ‘IFRS in India’ Page as well as Rhapsody AAS page
Visit us at: www.rhapsody-services.com
We shall also be sending out articles, updates and links to all the people we have on data base through e-mail regularly. It will be helpful, if you could forward this to as many friends as possible and or invite as many friends as possible on face book, our website or other social forums. Let’s share all our knowledge and educate all of us on this ever dynamic topic. ‘IFRS in India’
Happy reading.

07/10/2015

Dear Friends and Colleagues, We shall be back online from 13 October 2015 onwards. We shall be regularly sharing the latest on IFRS/ IND AS journey in India....and making this page active and relevant. Thanks for being part of the IFRS in INDIA family.. Best Regards ..Team IFRS in INDIA (III).....

28/09/2012

Dear Colleagues,

XBRL 2012 Latest News

C&I Taxonomy
As per indication, MCA would be releasing another round of revised taxonomy and revised business rule related to commercial and industrial (C&I) shortly.

Tentative Timelines:
- Revised Taxonomy based on feedback of all stakeholders - Shortly
- Revised business rules - Shortly
- MCA Validation tool for Vendors - 4-6 October 2012
- Filing manual etc - 4-6 October 2012
- Filing likely to start - 7-11 October 2012
- Timelines for C&I XBRL filing with out late fee (existing) - 15 November 2012
- Timelines for C&I XBRL filing with out late fee (likely) - 15 December 2012

Cost Taxonony
MCA has released the Final taxonomy for cost compliance report and cost audit.
MCA has also released the Final business rule for cost compliance and cost audit.

Tentative timelines
- MCA Validation tool for Vendors - 4-6 October 2012
- Filing likely to start - 3rd week of October 2012
- Timelines for Cost XBRL filing with out late fee - 31 December 2012

Rhapsody XBRL
- C&I XBRL application is ready subject to revised C&I taxonomy and business rule.
- Working on Cost XBRL application is going on and shall be ready by 7 October 2012

Tentative timelines
- Rhapsody XBRL brochure would be sent by 30 September 2012
- Price list for XBRL software would be sent by 1 October 2012
- Booking for Rhapsody XBRL would start from 1 October 2012

IFRS for Investment entities..
05/09/2012

IFRS for Investment entities..

Currently, the International Financial Reporting Standard provide venture capital organisations, mutual funds, unit trusts and similar entities an option to account for their investment in associates and joint ventures at fair value through profit-and-loss, instead of applying equity method/ proport...

Intangible assets: A search for right accounting
05/08/2012

Intangible assets: A search for right accounting

Intangible assets constitute a significant class of assets for companies that create value by managing intangibles (e.g. corporate identity, product brand and knowledge). They spend a significant amount of resources to create and maintain those assets internally. They also purchase intangible assets...

India is likely to be guided by the International Financial Reporting Standards (IFRS), which are accepted by over a hun...
26/07/2012

India is likely to be guided by the International Financial Reporting Standards (IFRS), which are accepted by over a hundred countries. This is even as the US’ commitment to the adoption of IFRS is in doubt.

It is very likely India will continue its march towards convergence with IFRS, despite roadblocks, say accounting experts.

MCA on IFRShttp://pib.nic.in/newsite/erelease.aspx?relid=84808
12/06/2012

MCA on IFRS

http://pib.nic.in/newsite/erelease.aspx?relid=84808

Union Corporate Affairs Minister Dr. . M. Veerappa Moily has emphasized upon creating an environment that would enable the corporate community meet the multifarious global challenges while enhancing their competitiveness. Dr. Moily was addressing a Press Conference to highlight th...

04/05/2012

The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL)

The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL). This Committee comprises of XBRL experts and representatives from the corporate sector as well as the Institute of Chartere...

20/03/2012

ICAI has requested the Government to postpone the date for commencement of IFRS compliance ..

ICAI has requested the Government to postpone the date for commencement of IFRS compliance to the next financial year. International Financial Reporting Standards (IFRS), sought to bring in uniformity in financial reporting globally.

RBI asks urban cooperative banks to get ready for IFRS
07/03/2012

RBI asks urban cooperative banks to get ready for IFRS

RBI asks urban cooperative banks to get ready for IFRS, According to a roadmap of the Corporate Affairs Ministry, all large commmercial scheduled banks are mandated to prepare their books of accounts according to the International Financial Reporting Standards from 1 April , 2013, Economy and Politi...

01/03/2012

Rhapsody Accounting and Advisory Services is looking for go-getters having the following profile - Chartered Accountants - Experience 0 to 3 years;Company Secretaries,CA Articles - Industrial training,CS Trainees,B.Com /M.Com grads.The Company is engaged in services related to Solutions (XBRL etc), Accounting Advisory and Business Advisory. Rush your CVs to [email protected]

12/02/2012

Indian firms with GDRs get more time for IFRS switch, European Commission extends deadline till 2014 as IFRS-compliant standards yet to be implemented in India, Corporate News

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